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Relative Uncertainty Aversion and Additively Representable Set Rankings

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  • BOSSERT, Walter
  • SLINKO, Arkadii

Abstract

This paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.

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File URL: http://www.cireqmontreal.com/wp-content/uploads/cahiers/16-2004-cah.pdf
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Bibliographic Info

Paper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number 16-2004.

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Length: 23 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:mtl:montec:16-2004

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Keywords: choice under complete uncertainty; uncertainty aversion; additive representability;

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References

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  1. BARBERA, Salvador & BOSSERT, Walter & PATTANAIK, Prasanta K., 2001. "Ranking Sets of Objects," Cahiers de recherche 2001-02, Universite de Montreal, Departement de sciences economiques.
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Cited by:
  1. Ritxar Arlegi & José C. R. Alcantud, 2006. "Ranking Sets Additively in Decisional Contexts: An Axiomatic Characterization," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 0610, Departamento de Economía - Universidad Pública de Navarra.
  2. Crès, Hervé & Gilboa, Itzhak & Vieille, Nicolas, 2011. "Aggregation of multiple prior opinions," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2563-2582.
  3. Murat Sertel & Arkadii Slinko, 2007. "Ranking Committees, Income Streams or Multisets," Economic Theory, Springer, vol. 30(2), pages 289-289, February.
  4. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS

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